Business Contracts - Legally Binding

Random Hero

Random Hero

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I am busy drafting up some basic MOUs, NDAs, Employment Contracts and Shareholder Agreements.

What are the costs involved in making them legally binding?
I am assuming a lawyer will also proof read it and change things that might seem unlawful or unenforceable, so what will that cost?

Also, what other types of contracts would a business need?

I completely suck at legal and regulatory stuff. Can anyone suggest some reading material?

Thank you fellers!:D
 
The elemets of a valid contract are Offer and Acceptance. So, they are "made legally binding" when the parties to the agreement agree to enter into an agreement, ie when an offer by one party is accepted by the other. Only certain contracts must be in writing (eg sale of land, HP agreements, long-term leases (>10y)).

Of course you need to make sure you're not agreeing to anything illegal, so note especially labour and competition laws, along with all the rest of 119 000 laws on our statute books.

Or see a lawyer.
 
Arthur said:
Only certain contracts must be in writing (eg sale of land, HP agreements, long-term leases (>10y)).
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Source? I was under the impression that you can bind anything verbally. (Sure its likely to get shot down in court, but in theory it sticks)
 
HavocXphere said:
Source? I was under the impression that you can bind anything verbally. (Sure its likely to get shot down in court, but in theory it sticks)
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The Acts themselves make it a statutory requirement that these agreements be in writing.

For original OP's question - you state you have no idea what you're doing. That to me means there will be a large amount of work needed to conform the agreement to market practice and so forth. There also really isn't a one size fits all for business contracts. A lawyer will be able to estimate their fees, but it's based on their hourly rate.
 
So if I make a contract or agreements, it does not have to be made legal by a lawyer?
 
Random Hero said:
So if I make a contract or agreements, it does not have to be made legal by a lawyer?
Click to expand...

Go see a lawyer and make sure your contracts are ok.
Rather spend some money now and save possibly much more later.
 
Random Hero said:
So if I make a contract or agreements, it does not have to be made legal by a lawyer?
Click to expand...
You make many legal and enforceable contracts every day. Most are verbal. Popping into the café for a pint of milk involves at least one legal contract: You offer to purchase, the café owner accepts - legal, binding contract. Bigger ones are just the same.

There is not a single contract that requires a lawyer. Certain ones (very few, actually) have to written. But it is certainly advisable to consult a lawyer, because our laws are many and complicated. And getting worse each year.
 
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